A bipartisan bill that would extend a program that gives tax credits to developers for building affordable housing units passed the House Finance Committee Monday afternoon.

It passed the committee on a vote of 10-3. The Colorado Senate adopted the measure in January.

“This bill ensures that more Coloradans have access to affordable housing,” Speaker Duran said. “The ultimate beneficiaries are seniors, veterans and hardworking Coloradans who are struggling to find an affordable place to call home in today’s hot real estate market.”

The program, administered by CHFA, has helped create over 4,000 affordable town homes and houses across Colorado and leveraged $465 million in private sector equity into the state. The bill, Senate Bill 7, would reauthorize CHFA tax credits through 2024.